S&P 500 ends lower amid concern about stalemate in stimulus talks
Business

S&P 500 ends lower amid concern about stalemate in stimulus talks

By Caroline Valetkevitch (Reuters) - The S&P 500 ended lower on Tuesday, reversing course late in the session after comments about a stalemate in talks over a fiscal stimulus deal. The benchmark index had been higher for much of the session, coming within striking distance of its closing record high from February, before the onset of the U.S.

Oil eases as U.S. stimulus hopes dim, virus cases rise
Business

Oil eases as U.S. stimulus hopes dim, virus cases rise

By Stephanie Kelly NEW YORK (Reuters) - Oil prices fell about 1% on Tuesday after rising earlier in the session as hopes dimmed for a swift stimulus package to relieve the U.S. economy as coronavirus cases increased globally.

India raids Chinese entities for money laundering
Business

India raids Chinese entities for money laundering

NEW DELHI (Reuters) - Indian tax authorities raided the premises of a few Chinese entities and their associates for money laundering, according to an official statement late on Tuesday, adding to New Delhi's growing discomfort with Beijing after a border clash in June. Since the clash, Prime Minister Narendra Modi's government has taken steps such as banning some Chinese mobile-phone apps, and tightening the requirements for Chinese investment and participation in government tenders

Canada's Trudeau says he has confidence in finance minister after report of policy clash
Business

Canada's Trudeau says he has confidence in finance minister after report of policy clash

By David Ljunggren and Fergal Smith OTTAWA/TORONTO (Reuters) - Canadian Prime Minister Justin Trudeau on Tuesday said he had "full confidence" in Finance Minister Bill Morneau amid reports of a clash over policy between the two men, who also both face an ethics probe.

S&P 500 inches closer to record high; Nasdaq down
Business

S&P 500 inches closer to record high; Nasdaq down

By Caroline Valetkevitch (Reuters) - The S&P 500 was higher on Tuesday afternoon and within striking distance of its closing record from February, before the onset of the coronavirus crisis that caused one of Wall Street's most dramatic crashes in history.

Stocks advance toward record high on stimulus; gold crashes
Business

Stocks advance toward record high on stimulus; gold crashes

By Herbert Lash and Rodrigo Campos NEW YORK (Reuters) - A gauge of global equity markets rose on Tuesday as a Wall Street benchmark neared its record high, lifted by hopes for fresh U.S. stimulus and signs of a growing American economy that spurred yields to climb and thrashed gold prices

India's fuel demand fell 10.8 percent in July
Business

India's fuel demand fell 10.8 percent in July

NEW DELHI, Aug 11 (Reuters) - India's fuel demand fell 10.8 percent in July compared with the same month last year. Consumption of fuel, a proxy for oil demand, totalled 15.68 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed. Sales of gasoline, or petrol, were 10.2 percent lower from a year earlier at 2.26 million tonnes

HMD Global, maker of Nokia-branded smartphones, wins investment from Google, others
Business

HMD Global, maker of Nokia-branded smartphones, wins investment from Google, others

LONDON (Reuters) - HMD Global, the maker of Nokia-branded smartphones, has secured $230 million of investment from partners including Google, Qualcomm and Nokia Technologies, to help accelerate its development of 5G devices. Chief Executive Florian Seiche said the success of the funding round - the largest since the Finland-based company was founded in late-2016 - validated its strategy of working closely with partners in software and hardware. "This significant investment with some of closest strategic partners really allows us to accelerate our journey going forward," he said in an interview.

Exclusive: How Venezuela lost three oil supertankers to its Chinese partner
Business

Exclusive: How Venezuela lost three oil supertankers to its Chinese partner

By Luc Cohen and Roslan Khasawneh NEW YORK/SINGAPORE (Reuters) - A shipping joint venture between Venezuela and China has fallen apart in the wake of U.S. sanctions, resulting in the South American nation losing three supertankers at a time when foreign shippers are reluctant to carry its oil, court documents show

U.S.-China trade deal in 'fine' shape, White House's Kudlow says
Business

U.S.-China trade deal in 'fine' shape, White House's Kudlow says

By Jeff Mason and Andrea Shalal WASHINGTON (Reuters) - China is continuing to buy U.S. goods, particularly commodities, under its Phase 1 trade deal with the United States, despite rising tensions over Hong Kong and other issues, top White House economic adviser Larry Kudlow said on Tuesday.

Gold crashes over 4%, silver dives as equities back in vogue
Business

Gold crashes over 4%, silver dives as equities back in vogue

By Sumita Layek (Reuters) - Gold sank as much as 4.3% on Tuesday, facing its worst one-day rout in 7 years, as a return of risk appetite following encouraging economic numbers and hopes of new coronavirus relief package boosted the S&P 500 to near record highs. Other precious metals also took a beating, with silver plunging as much as 8% - its biggest daily decline since mid-March. It was down 7.2% to $27.06 per ounce by 11:29 a.m.

Japanese ship that caused Mauritius oil spill passed annual checks
Business

Japanese ship that caused Mauritius oil spill passed annual checks

TOKYO (Reuters) - A Japanese bulk carrier that struck a coral reef off Mauritius and has leaked at least an estimated 1,000 tonnes of oil passed an annual inspection in March without any problems, Japan's ClassNK inspection body said on Tuesday. The ship, MV Wakashio, owned by Nagashiki Shipping and operated by Mitsui OSK Lines Ltd, ran onto the reef on July 25, and the resulting oil leak has raised fears of a major ecological crisis the Indian Ocean island.

Facing pandemic squeeze, universities hit bond markets for cheap cash
Business

Facing pandemic squeeze, universities hit bond markets for cheap cash

By Yoruk Bahceli AMSTERDAM (Reuters) - Universities, waiting to see how hard the coronavirus pandemic will hit overseas enrolments and government grants, have gone on a borrowing spree in the bond markets this year that outpaces a rise in companies' bond sales. The COVID-19 crisis is threatening to redefine higher education around the world, with students sent home and classes moved online. But the economic fallout will also hit universities' finances as tuition fees, especially from overseas students, is likely to fall while funding from governments could also be hit

U.S.-China trade deal is 'fine', China still buying U.S goods: Kudlow
Business

U.S.-China trade deal is 'fine', China still buying U.S goods: Kudlow

WASHINGTON (Reuters) - China is continuing to buy U.S. goods and particularly commodities under the U.S.-China Phase 1 trade deal signed in January, despite rising tensions on Hong Kong and other issues, White House economic adviser Larry Kudlow said on Tuesday.

Global Markets: Stocks advance toward record high on stimulus; gold crashes
Business

Global Markets: Stocks advance toward record high on stimulus; gold crashes

By Herbert Lash NEW YORK (Reuters) - A gauge of global equity markets inched toward an all-time peak on Tuesday, with the S&P 500 nearing a record high, lifted by hopes for fresh U.S. stimulus and signs of a growing American economy that spurred yields to climb and thrashed gold prices. Hopes of steady economic recovery from the coronavirus pandemic boosted sentiment, helping European stocks hit a near three-week high as automakers gained on a surge in China sales numbers

S&P 500 nears record high on stimulus bets
Business

S&P 500 nears record high on stimulus bets

By Medha Singh and Ambar Warrick (Reuters) - The S&P 500 on Tuesday rose for an eighth straight session and was within striking distance of its February peak, a level last seen before the onset of the coronavirus crisis that caused one of Wall Street's most dramatic crashes in history.

U.S. appeals court reverses antitrust ruling against Qualcomm
Business

U.S. appeals court reverses antitrust ruling against Qualcomm

By Stephen Nellis and Jan Wolfe (Reuters) - A U.S. appeals court on Tuesday reversed a lower court ruling against chip supplier Qualcomm Inc in an antitrust lawsuit brought by the Federal Trade Commission. The U.S.

Tencent Music executive says 'premature' to speculate over U.S. delisting
Business

Tencent Music executive says 'premature' to speculate over U.S. delisting

HONG KONG/SHANGHAI (Reuters) - Tencent Music said on Tuesday that it was "premature" to speculate over a potential delisting, in response to a question on whether it had a plan to react to a recommendation from the Trump administration over auditing U.S.-listed Chinese firms. The company's Chief Strategy Officer Tony Yip made the comments during an analyst briefing after its quarterly results.

Chinese firms that fail U.S. accounting standards to be delisted as of 2022 - Mnuchin
Business

Chinese firms that fail U.S. accounting standards to be delisted as of 2022 - Mnuchin

WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin on Monday said companies from China and other countries that do not comply with accounting standards will be delisted from U.S

Four-fifths of CEOs expect COVID-19 to entrench remote working - PwC
Business

Four-fifths of CEOs expect COVID-19 to entrench remote working - PwC

LONDON (Reuters) - Almost four out of five chief executives expect remote working to become more widespread in their businesses as a result of COVID-19, a global survey from accountancy firm PwC showed on Tuesday. New York, London and some other major cities currently have only a fraction of their normal workforce in offices as employers and governments have told staff to work from home where possible.